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Northern Inland Credit Union personal loans – Apply online
Northern Inland Credit Union is a financial institution with a lot of merits for borrowers. For starters, it’s owned and operated by local members. That means it offers tailored products and services to residents of Northern Inland (NSW).
As a lender with a 50-year long history, Northern Inland Credit Union has experience in helping members find smarter ways to manage their money.
BestFind covers what you need to know about Northern Inland Credit Union personal loans, so you can decide if this product is a good choice for finance needs like home renovations, weddings, medical expenses, and car purchases.
Northern Inland Credit Union personal loan snapshot
Amount – $5K to $100K
Terms – 1-7 years
Interest rate type – Fixed or variable
Pros – Flexible range of products; you can choose secured or unsecured loans as well as fixed or variable rate options.
Cons – The high minimum loan amount of $5K means you’ll have to consider other options if you need a smaller personal loan. There’s also an establishment and monthly fee to add to your borrowing costs. Additionally, members outside of the Northern Inland (NSW) area have no access to local branches.
Best for – Borrowers who like to browse through several options before they decide to apply, and who are looking for competitive rates, great customer service, large loan amounts, great repayment options, and the flexibility to apply online. Types of loans offered by Northern Inland Credit Union
Here’s a breakdown of the different Northern Inland Credit Union loans and how each financial product works:
Unsecured smart personal loan. This is an excellent choice if you’re looking for a loan for any purpose, whether it’s travel, education, or a wedding. It comes with fixed or variable rate terms of 1-5 years and amounts of up to $25,000. Since you won’t be providing security for the loan, expect to pay a higher rate than other secured options.
Secured smart personal loan. Securing your debt with a vehicle or term deposit nets you a lower interest rate. You can also choose between fixed or variable rate terms and amounts between $5,000 and $100,000.
Car loans. Car buyers looking for finance from Northern Inland have three options to consider – a Brand New Car Loan, Used Car Loan, and a New Car Loan. Our guide on Northern Inland Credit Union car loans provides the details you need to know about this option. Explained: Features of NICU personal loans
Fixed or variable rate options. Variable rates are lower than fixed rates, but your repayments can fluctuate. Fixed rate options, on the other hand, offer the same repayment amount throughout your loan’s life.
Tailored rates and terms. The rate and term you get depend on whether you’re offering security for the debt and the type of asset used. When you’ve got a suitable asset, you can use it to leverage a lower rate and a longer repayment period.
Extra repayments. Additional repayments are accepted.
Free redraw facility. That means you can withdraw a minimum of $200 from your pool of additional repayments when you’re short on cash.
Flexible repayment options. You can choose a monthly, fortnightly, or weekly repayment frequency. Use our Northern Inland Credit Union personal loan calculator if you wish to estimate your monthly repayment amount.
Fees and charges. There’s a $200 establishment fee and an $8 monthly fee. However, there are no redraw fees or early repayment fees. What you need to qualify
You have to join Northern Inland Credit Union before you can enjoy any of their products or services. To qualify for membership, you must be an Australian resident willing to have your identity verified and buy a member share worth at least $10.
Junior members below the age of 18 years and non-locals are also welcome. To join, you can visit a branch with your original documents. Alternatively, submit a member application form online together with paperwork that has been certified by a solicitor.
During the application process, you’ll also need the following documents:
Proof of income and expenses – this includes payslips, statements from any other income such as Centrelink, and 3 months statements of loans from other financial institutions.
Self-employed individuals may also need to provide tax return details for the past two years and information from an accountant.
How to get a loan from Northern Inland Credit Union online
You can use this page as a starting point if you wish to apply for a Northern Inland Credit Union personal loan online. Scroll up to the table above and click “Go to Site.” This button leads you to the Northern Inland website, where you can submit an enquiry.
The process requires your personal information, contact details, as well as details of the product you want. Once you place an enquiry, Northern Inland Credit Union staff will be in touch.
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